The ratings on Herman Miller Inc. reflect the company's strong position in the office furniture industry, its track record of innovation, its efficient manufacturing structure, and its moderate financial policy. These strengths are somewhat offset by the highly competitive and cyclical nature of the office furniture industry and the company's geographic concentration in North America. Zeeland, Mich.-based Herman Miller is a leading manufacturer and marketer of office furniture, including workstations, chairs, filing cabinets, tables, and desks. Through innovation in workstation and other design, the company has been successful in leveraging its number two-market position in this competitive industry. Herman Miller's cost structure is flexible because of its strategy to function as an assembler, where it purchases most of its product
